A Deeper Funk

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T he shock waves from the horror of Sept. 11 are all but certainly pushing the U.S. economy into recession. The advertising industry, which has been steadily relearning its economic-adversity coping skills—rusty from 10 years of non-use—may be facing business conditions even worse than the dire scenarios pessimists were warning about a mere few weeks ago.

The slowdown first began nine months ago when one of the fuel lines powering the economy clogged. Non-residential investments (an important category that covers capital spending by businesses) stopped growing in the first quarter and shrank by around 2 percent in the second, and the slide continued in the third, we’ll likely soon dis cover.

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